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620

NW Van Buren Ave Corvallis OR, 97330

Commercial Building: 11 Units in Downtown Corvallis

MLS: # 786612 / 786625

  • 4 Commercial Offices
  • 4 Fully Furnished, Long-Term Corporate Apartments
  • 3 Fully Furnished Airbnb Rentals

Executive Summary

620 SW Van Buren is more than just a building, it’s truly a one of kind turnkey business. With 4 commercial offices, 4 fully furnished long-term corporate apartments, and 3 fully furnished Airbnb rentals, this is an opportunity of a lifetime!

This property has loads of charm and character with many custom touches. With a convenient downtown location near the OSU campus, Benton Country Courthouse, and easy access to public transportation, this a desirable location.

All commercial offices are occupied. Seller to do 1031 Exchange.

  • Turnkey Business – operating on day one!
  • 3 Airbnb’s could be long term rentals as each unit has a separate electric meter.
  • Established relationships with NuScale Power and Good Samaritan for the long-term rentals.
  • Everything comes with the property including the appliances, furnishing, linens, unique art and decorations, even the books on the shelves!
  • Many personal touches by the owner including winecork barnstyle doors, corrugated metal walls, mosiac tiling in the courtyard, and more!
  • Coin-op laundry and a wash sink already in place for residential use.
  • Lots of locking storage for owner’s use.
  • T1 high speed cable wired into the building providing high speed internet access.

Property Financials

Airbnb: $57,430.33
Corp. Rental: $35,465.00
Comm. Office: $56,862.00
Total: $149,757.33

2020 Year-to-Date Financials are available with a signed NDA.

Building Improvements

City Overview

CORVALLIS, OREGON

Corvallis, meaning “Heart of the Valley,” has a population of about 56,000 people. Corvallis is home to Oregon State University, and is ranked the #4 college town in the United States according to Forbes. OSU offers strong programs in natural sciences & engineering, and is also known for agricultural research. It attracts students nationwide and even internationally. In addition to the University, Corvallis public schools rank in the Top 10 in the State of Oregon. So Corvallis is an education based community.

Corvallis is a “green” city in both senses; it has lush, green countryside with open spaces, and slow-growth policies with tight urban growth boundaries and very well-defined neighborhoods. In fact, Corvallis is listed as the #3 Green City in the entire United States according to www.BestPlaces.net. The tight zoning upside is that this curbs urban sprawl and preserves the surrounding area. The downside is a residential supply-and-demand imbalance and high home prices. Overall, Corvallis as a true small-town flavor with access to a wide and balanced set of amenities and a fairly pleasant climate devoid of extremes.

Demographics

Population: 56,224
Median Age: 27
Median Income: $40,425

ZONING

  • RS-9 Mixed Use
  • Non-Conforming Use Letter Available.

Aerial Views

Street View

Traffic Counts

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Offering Summary

Offering
Offered at $1,900,000
Year Built 1960
Building Size 7726 SqFt
Lot Size 8799 SqFt
Zoning RS9 (see zoning map)
Parking Spots 10 Spots
Parking Ratio 1.3 Spots / 1000 feet
Features
Commercial Offices are low exposure to vacancies
Residential units are fully furnished and decorated
Airbnb's have individual electric meters
On and off street parking

Commercial Office Spaces

Office Spaces

  • Four separate office spaces
  • Downtown location provides great visibility and easy access
  • Fully rented
  • Office spaces include T1 high speed internet access
  • On and off street parking
  • Access to a private courtyard

The four commercial offices take up the first floor of the two story building. All four offices are rented with options to renew. The building has low exposure for vacancies given the outstanding location of the property, as well as the sizes of the offices. Because they aren’t large commercial spaces, they tend to stay occupied.


Unit #8: 1200 SqFt
Leased to an insurance agent through 2024
Four private offices, restroom, large kitchen/break area, and reception area
Unit #9: 975 SqFt
Leased to a neurofeedback practioner through 3/2021
Furnished reception area, four individual private offices, coffee bar, and restroom
Unit #10: 880 SqFt
Leased to a CPA through 9/2021
Furnished reception area, shared work area, two large private offices, lots of storage, coffee bar, and restroom
Unit #11: 200 SqFt
Leased to an Esthetician through 5/2021
Access to a restroom and coffee bar

Long Term Corporate Rentals

Corporate Rentals

  • Four separate, fully furnished long-term corporate apartment rentals with many personal design touches
  • Downtown location, near OSU campus and public transportation offers convenience
  • Established relationships with Good Samaritan and NuScale Power, who have out-of-state employees who need housing
  • All units include high speed internet access, on and off-street parking, and access to private courtyard.

These four long-term rental apartments are more than just a place to stay! With custom furnishings, beautiful decor and many artistic touches, these apartments are truly one of a kind. Everything stays with the units, including linens and appliances. Each apartment is easy maintenance with no carpeting and have their own electric meters. With full access to the private courtyard and the coin-op laundry, tenants will love staying here!

Each Unit rents for about $1,700 per month.


Unit #6: ~600 SqFt
1 Bedroom / 1 Bathroom
Unit #4: ~600 SqFt
1 Bedroom / 1 Bathroom, includes private deck with a jacuzzi
Unit #7: ~600 SqFt
1 Bedroom / 1 Bathroom
Unit #3: ~600 SqFt
1 Bedroom / 1 Bathroom

Fully Furnished Airbnb Rentals

Airbnb Rentals

  • Three fully furnished Airbnb rentals
  • Individual electric meters for each unit
  • Downtown locatoin provides easy access to downtown, OSU and public transportation
  • Units include high speed internet, on and off-street parking, and access to private courtyard

Like the long-term apartments in this building, the Airbnb units are individually furnished and decorated with lots of unique accents and come with all the linens and appliances. The units are easy maintenance with no carpeting to clean. With access to the coin-operated laundry and the gorgeous, private courtyard, your guests will want to come back!

Each unit rents between $70 – $90 per night. Guests pay cleaning fee.


Unit #1: ~350 SqFt
1 Bedroom / 1 Bathroom
Unit #: ~350 SqFt
1 Bedroom / 1 Bathroom
Unit #: ~350 SqFt
Studio with 1 Bathroom

About Team K Realty

Michael Krasilovsky, Principal Broker
As a full service real estate agent, I enthusiastically help both buyers and sellers of homes and multi-family rental properties. Let me put my years of experience as a real estate investor, property manager, and broker to work for you!
620 NW Van Buren Court
535 SW 2nd Street
Corvallis, OR 97330